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The Group’s net sales revenues reached levels of more than PLN 226 million.

The financial results for the past year prove Mercator Medical’s business success. In 2015, consolidated net revenues f…

The financial results for the past year prove Mercator Medical’s business success. In 2015, consolidated net revenues from sales of the Mercator Medical Group amounted to over PLN 226 million compared to PLN 168 million in 2014. This means an increase of 34.5%. EBITDA also improved, reaching PLN 22.8 million, which is an increase of 39%.

Operating result (EBIT) in 2015 amounted to over PLN 16 million (26% increase), and net profit to over PLN 10 million. The latter was, among others, due to the strong influence of an abrupt depreciation of the Ukrainian hryvnia and the Russian rouble. If one-off factors were eliminated from the net result, it would be higher by PLN 3.1 million and would reach PLN 13.4 million.

Financial results achieved in 2015 were influenced by implementation of most of the development and investment measures, both in production and distribution. The volume sales of gloves increased (by more than 35% in total); the biggest increases were achieved in the US market (164%), in Thailand (425%) and South Africa (571%), where the vast majority of products are shipped straight from the factory. Significant increases in sales were also recorded in Poland and Russia. The margins on own production have improved. Dealing with the difficult situation in the east of Europe was no less important.

We take all the result items seriously, although we are particularly focusing on EBITDA margin, as we see our business at the stage of intensive growth. In 2013, when we made our debut on the WSE in the last quarter, we achieved 14 million in EBITDA margin, and two years later we increased it by more than 62%”, says Wiesław Żyznowski, President of the Management Board. The results of our actions steadily improved. After the end of 2015, I can confirm the implementation of our plans in all important areas of production and distribution. We delivered on our public offering promises at the beginning of 2015. We completed the extension of the gloves factory in Thailand. The last line went into service in March 2015. The launch of all new production lines enabled us to achieve a production capacity of over 100 million gloves per month. This is more than double the capacity compared to the production before the investment started. In the results for 2015 we do not recognise the full year potential of this investment – it will reveal itself in 2016”, adds the President of the Management Board.

In November 2015, the Management Board of Mercator Medical made a conditional decision to further expand the gloves factory in Thailand owned by the Issuer Group. According to the company’s plans, as part of the investment implemented at the plot owned by Mercator Medical (Thailand) Ltd. (a subsidiary), a total of 8 new lines will be established for the manufacture of gloves, including infrastructure with a total capacity of approximately 150 million gloves per month. The estimated cost of the investment is expected to be approximately PLN 107 million. On 18 March 2016, the Group concluded a series of long-term and short-term loan agreements with CIMB Thai Bank based in Thailand, with a total value exceeding PLN 86 million. The concluded loan agreements partially secure the financing of the investment of Mercator Medical Thailand Ltd., under which a new manufacturing plant will be built and the machinery and equipment necessary for the manufacture of nitrile gloves will be purchased.

Last week’s event will help us to ensure the financing for another project which will allow us to reach for even more. The new project will ensure an increased capacity of plants owned by Medical Thailand Ltd. from 100 to 250 million gloves per month and will increase employment to over 800 people. The Mercator Medical Group will reinforce its position as a global glove manufacturer”, says Wiesław Żyznowski, President of the Management Board.

The Group will soon announce its development strategy for 2016-2018, and the company mentions its outline in the Annual Report document - and we encourage you to read it.

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